Short term tenancy agreement
Most tenants who join us will start with an initial short term tenancy agreement. The key points of a short term tenancy agreement are:
The agreement lasts for a period of twelve months.
Either party can terminate the agreement by giving six months’ notice.
The agreement sets out details of the rent payable and this can’t be reviewed during this period.
The agreement is not automatically renewable.
The agreement is excluded from the regulations of the Landlord and Tenant Act (1954).
Three year tenancy agreement
After the initial twelve months most tenants transfer onto a standard three year agreement. The key points of this are:
The agreement is covered by the Landlord and Tenant Act (1954) which means the tenant has the automatic right to renew agreement at the end of the three years.
Our rent level is reviewed on a three year rolling cycle. In the intervening years we can implement an RPI increase although this is not automatic.
Tenants can terminate the agreement by giving not less than six months’ notice of your intention to leave.
In the very unlikely event that we want to take the site back for our own use compensation would be due to the tenant.